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Old 12-03-2014, 02:52 PM
 
Location: Phoenix metro
20,005 posts, read 67,983,965 times
Reputation: 10048

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New cars are so overpacked with technology, overstyled, etc, that I refuse to buy anything new, simply because they dont suit my tastes fully, and the pricing has grown to absurd levels (I remember the days of $10K Civics). I tend to lean towards cars from the mid-90s to the mid-2000's, because I liked their "simpleness" and their tasteful, conservative designs. 90's cars like the Celica, Miata, Fox-bodied Mustang, Escort, Civic, etc, etc, were so simple, yet still look good to this day, unlike modern cars whose designs almost always are forgettable after a few years. Used cars for me!
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Old 12-03-2014, 03:03 PM
 
Location: Western Nebraskansas
2,707 posts, read 5,174,828 times
Reputation: 2392
Personally, I don't buy new and probably never will, regardless of our finances.
I'm happy to let someone else eat the depreciation.

$8-10 will buy you a very nice 4-6 year old car with +/- 50K miles on it.
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Old 12-03-2014, 04:34 PM
 
Location: Central Texas
13,720 posts, read 24,632,366 times
Reputation: 9178
Quote:
Originally Posted by Panther2004 View Post
I am pretty young; in my early 30s and make plenty of money(over $200k/yr) Money isn't an issue. I was just curious what other people are doing. I used to be a new car every year or two kinda guy but I don't see the value in that anymore. We have one company owned car(not my comp) and a 2006 escalade that is payed off and we maintain meticulously.(feels like all the time

We thought about trading in the escalade for a CPO Infiniti QX56 but we didn't want to spend $50-$60k because "we wanted something new".
I can't fathom ever wanting an Escalade. Sorry. Blingy monster for the Michael Kors watch/purse crowd.

I buy all vehicles with cash, used or new. Probably lean towards used these days because new is so expensive. Some nice vehicles (especially German luxury) depreciate so much in a few years that buying new seems ridiculous.

I love cars. But I don't love them every two years.
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Old 12-03-2014, 05:03 PM
 
89 posts, read 136,928 times
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It really wasn't about having an escalade. More so of wanting a nice SUV that was comfortable for the family that had leather and a sunroof. The issue was every suburban and yukon xl we looked at the time of purchase was garbage and not maintained. We bought the escalade ESV private party for about $1-2k more than what the loaded suburbans and yukon xl were listed at.
It is 100% true that nothing rides like a cadillac. It is the nicest riding vehicle we have ever owned.
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Old 12-03-2014, 05:26 PM
 
Location: Staten Island
1,653 posts, read 1,695,214 times
Reputation: 2353
Quote:
Originally Posted by Rynldsbr View Post
Personally I buy used and finance at insanely low interest rate from credit union to leave money in better investments. At 1.9% credit union rate, paying cash would be almost as foolish as buying brand new.
That's so high. I used PENFED and got .99% on my current loan. They just offered me .75% if I trade my car in for a new one, and I don't have to use their car buying service. The offer is good for 6 months.
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Old 12-03-2014, 06:47 PM
 
Location: Denver
3,139 posts, read 6,910,559 times
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Even if you buy a new $40000 car and finance it at a low or zero rate what about the higher insurance? In my state what about the $2800 sales tax check? And the $1800 first year registration?

Those two things really make me shy away from new / expensive cars.

Yikes.
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Old 12-03-2014, 07:10 PM
 
800 posts, read 558,463 times
Reputation: 1818
Quote:
Originally Posted by Ted Bear View Post
How do "most" people do it?

A dollar down, and a dollar month until they die.

The car companies and the banks love them.

Ever notice how many dealers sell cars not on price, but on the "monthly payment"? A LOT of people walk into a dealer and when asked what they can afford, the don't say $30,000; they say $300/ month.

Once the dealer stops foaming at the mouth, he puts them in the "car of their dreams" for very little down, and payments for the next six years.

Throw this payment in with the big screen TV, the washer and dryer, the rent, the CC balance where they pay the minimum, and these folks have spent every dime they will ever make--mostly on finance charges.
Could have not said better! I have a feeling you stepped on some people's toes, get ready to be flamed by them...
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Old 12-03-2014, 07:23 PM
 
Location: Long Island
8,510 posts, read 11,401,820 times
Reputation: 4764
Quote:
Originally Posted by jackmccullough View Post
One factor that I haven't yet seen mentioned is that lots of people with new cars don't buy them, they lease them. Generally not a good deal economically, but it is very common.
true, but also wealthy people can afford to do that even if it's not a wise financial decision. What's not to like about a new car with new tech every 3 years so long as it's disposable monthly income?

Quote:
Originally Posted by wankel7 View Post
Even if you buy a new $40000 car and finance it at a low or zero rate what about the higher insurance? In my state what about the $2800 sales tax check? And the $1800 first year registration?

Those two things really make me shy away from new / expensive cars.

Yikes.
We have an economical and an expensive car and the insurance is only $54 difference between them. Paying $877 and $931/yr for full comprehensive/glass in NYS. The only hit out of your figures is the higher sales tax. I don't know anything about a $1800 registration. The other factor would be depreciation, but only matters if you ever intend to sell.

Not sure why people finance then sell - you should've just leased!

Last edited by ovi8; 12-03-2014 at 07:32 PM..
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Old 12-03-2014, 07:23 PM
 
89 posts, read 136,928 times
Reputation: 45
^^^. Agreed 100%. Affording a payment is not the same as affording the car. I learned the hard way. Before I had a company car I had a car package. I thought "I'm not paying for it " so I traded cars in every 12 months with neg equity and I didn't junk twice about it because I could afford the payment and even if I went over my payment allowance It wasn't much. For example I was driving a Lexus gx470 for $400/ month but in my mind I was only paying $50/mo for it. DUMB DUMB DUMB! It wasn't until I got a company car and had to sell my car, a maxima that I had to stroke a check for $3600 to break even with the bank. Never again!
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Old 12-03-2014, 07:40 PM
 
Location: Chandler, AZ
5,798 posts, read 5,241,353 times
Reputation: 3108
The two scariest stats I've seen recently are the fact that the average transaction price for a new car is just north of $31,000, and that the average car loan these days is for 71 months, which is downright dumb.

Those two stats just by themselves are a dead giveaway that lots of folks are overpaying for cars that they REALLY can't afford.
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